Dear Parent:

 

Our office is always concerned with informing both our students and their parents about educational financing opportunities.  The Department of Student Financial Aid would like to take this opportunity to inform you about the Parent Loan for Undergraduate Students (PLUS Loan).   The PLUS Loan is a loan for parents who need assistance paying for all or part of their student’s undergraduate education that is not covered by financial aid. 

 

The PLUS Loan is a cost-effective alternative to using savings, income, retirement accounts or home equity loans to pay for your child’s education.  The interest rate on the PLUS Loan is fixed at 8.5 % for the life of the loan.  There are no income requirements and no prepayment penalties, but you must complete a credit check to be approved for the loan.  The maximum amount you may borrow equals the total cost of your student’s education minus financial aid received.

 

The Award Letter included in this packet of information contains a PLUS Loan as part of the total financial aid package offered to your student.  While the PLUS Loan was included as part of the financial aid package, there are some steps you must take to apply for the loan.  If you are interested in a PLUS Loan, please visit the following website to apply. 

 

http://www.mylenderlist.com/LU/PLUS/

 

-         Review each of the lenders benefits and choose wisely.  If you prefer another lender, you may do so but please make sure we receive a fax copy of the approval/denial notice at (573) 681-5871.

-         You may apply for a PLUS loan, receive decision, and e-sign the master promissory note during your visit at the lender’s website.

-         If you are approved for a PLUS loan, we recommend that you complete the “Parent’s Excess Funds Authorization Form” online through our website: http://www.lincolnu.edu/pages/254.asp.  The form allows you to complete and submit it online.  We must receive this authorization prior to your funds being released to the school.  Therefore, we will certify your loan but the funds will be placed on hold until we receive the authorization.

 

If you are not interested in a PLUS Loan and would like to pay the unmet costs with your personal funds, please mark reject on your Award Letter, sign and date the form and return it to the Department of Student Financial Aid. 

 

If you have any questions regarding this process or your student’s financial aid offer, please do not hesitate to contact our office at (573) 681-6156 option #0.

 

Sincerely,

 

Alfred Robinson

Director of Student Financial Aid

Lincoln University